Almirall (ALM) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 reached €603 million, up 7.5% year-on-year, driven by strong European dermatology growth and robust performance from Ilumetri and Ebglyss, with Ebglyss nearly doubling year-on-year.

• EBITDA improved to €150.7 million with a 25% margin, achieving the 2028 target early and reflecting operational leverage.

• The innovation pipeline advanced with six proof-of-concept or Phase II studies, including new indications in immune-mediated skin diseases.

• Strategic collaborations and portfolio optimization continued, including agreements with Certest Biotec and Huaota Biopharmaceutical.

• The company reiterates its full-year 2026 guidance, expecting growth to accelerate in H2.

Financial highlights

• Net sales grew 7.5% year-on-year to €602.7 million in H1 2026; European dermatology sales reached €341.9 million, up 18.1% year-on-year.

• EBITDA reached €150.7 million, with a margin of 25% over net sales, up from 21.7% prior year.

• Gross margin was 64.6%, benefiting from the Actithiol divestment.

• Free cash flow improved to €33 million from minus €20 million in H1 2025; cash and cash equivalents at €354.6 million.

• Net income increased 49.4% year-on-year to €39.6 million; normalized net income €42.4 million.

Outlook and guidance

• Full-year 2026 guidance reiterated, with expected acceleration in H2 and net sales growth of 9–12%.

• EBITDA guidance for 2026 remains €270–290 million.

• Peak sales guidance for Ebglyss reaffirmed above €450 million; Ilumetri peak sales expected to exceed €300 million.

• SG&A and R&D investments expected to pick up in H2 as trials progress and promotional activities increase.

• First readouts from ongoing clinical studies expected by end of 2026.